As a Real Estate Consultant I’m always asked questions. None are bad or silly (Only the ones not asked) so I’ve decided to post some of them with my own answers…
G Danials asks: If a client signs a contract to purchase “as is,” can he ask for repairs?
Everything is negotiable in real estate up to the “point of no return”. If you’ve made a close to full price offer and haven’t been too unreasonable in your requests or contingencies the seller may not want to let the buyer get away over some small fix.
If there’s been an inspection and health and safety repairs are required by the lender prior to closing , the seller needs to realize that the buyer won’t be able to close if they don’t make the repairs. Incidentally I ALWAYS write an offer contingent on your loan approval to protect the buyer and their earnest money deposit. If the seller accepted this up front and is aware that you’re borrowing the money for your purchase and it’s not a conventional loan such as VA, FHA, etc… then they made a mistake if they truly didn’t want to repair Anything.
Of course buying Bank Owned Properties or REOs can be a different story, many times you can’t purchase them without putting 20% down and only going conventional so there is no wiggle room. Banks are not persons and there are no emotions involved such as in the case of a private seller. It’s just business and numbers for the banks.
Every transaction is different. I have had clients who accepted counters with “As-Is” verbiage and then still asked for repairs and got them. It may take a little negotiation expertise from some one like me though. ;^)